The author is a Forbes contributor. The opinions expressed are those of the writer.

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Apple’s price-earnings ratio is closer to 10 times earnings than 30, reflecting the Street’s point of view that nothing lasts forever. Apple will always be the contender if not the leader in smartphones and tablets. Maybe it can build a significant content business. If it does the price-earnings ratio will levitate because this is a renewable, continuous revenue and earnings stream.

I’m not turning my back on Apple, but for now it’s going to sell at 10 times earnings, too tough to model over the next 24 months. This is not Best Buy, being torn apart by Amazon or a Polaroid with its head in the sand. Apple’s the leader but holding on to its hegemony is a tough press.

Martin T. Sosnoff is chairman and founder of Atalanta Sosnoff Capital, LLC, an investment management company with $6 billion in assets under management. Sosnoff has published two books about his experiences on Wall Street,Humble on Wall Street andSilent Investor, Silent Loser. He was a columnist for many years at Forbes Magazine and for three years at TheNew York Post.Sosnoff owns personally and / or Atalanta Sosnoff Capital owns for clients the following investments cited in this commentary: Apple, General Motors, IBM, McDonald’s, Express Scripts, Walt Disney, General Electric, Goldman Sachs, Citigroup, JPMorgan Chase, Qualcomm, Google, Amazon and Microsoft.